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Augustin Landier
2 octobre 2014
Frédérique Bec et Christian Gollier
n° 14-523, septembre 2014
This paper explores empirically the link between stocks returns Value-at-Risk (VaR) and the state of financial markets across various holding horizons. The econometric analysis is based on a self-exciting threshold autoregression setup. Using quarterly French and US data from 1970Q4 to 2012Q4, it...
Marie-Laure Allain, Patrick Rey et Claire Chambolle
n° 14-525, septembre 2014
While vertical integration is traditionally seen as a solution to the hold-up problem, this paper highlights instead that it can generate hold-up problems — for rivals. We first consider a successive duopoly where competition among suppliers eliminates any risk of hold-up; downstreamfirms thus...
Richard Green et Thomas-Olivier Léautier
septembre 2014
n° 835, septembre 2014
Ryan Chahrour et Justine Svec
vol. 41, septembre 2014, p. 178–198
This paper analyzes the impact of consumer uncertainty on optimal fiscal policy in a model with capital. The consumers lack confidence about the probability model that characterizes the stochastic environment and so apply a max-min operator to their optimization problem. An altruistic fiscal...
Luis Cabral et David Salant
vol. 36, septembre 2014, p. 48–56
The EU mandated a single standard for second generation wireless telecommunications, whereas the US allowed several incompatible standards to battle for market share. Motivated by this example, we argue that a single standard leads to a free riding problem, and thus to a significant decrease in...
Emmanuelle Auriol et Stefanie Brilon
vol. 117, septembre 2014, p. 149–161
Two types of intrinsically motivated workers are considered: “good” workers care about the mission of an organization, whereas “bad” workers derive pleasure from destructive behavior. Compared to the case with only good motivated workers, the mission-oriented sector has to resort to higher...
Helmuth Cremer et Kerstin Roeder
Elsevier, vol. 124, septembre 2014, p. 392–395
We study exchanges between three overlapping generations with non-dynastic altruism. The middleaged choose informal care provided to their parents and education expenditures for their children. The young enjoy their education, while the old may leave a bequest to their children. Within each period...
Mark Glick, Greg Richards, Margarita Sapozhnikov et Paul Seabright
vol. 5, n° 2, septembre 2014, p. 99–119
This paper investigates whether a search engine’s ordering of algorithmic results has an important effect on website traffic. A website’s ranking on a search engine results page is positively correlated with the clicks that it receives. This could result from the search engine’s accurately...
